Aspo Plc's Half-year Financial Report, January 1 - June 30, 2026: Substantial profit improvement
Aspo Plc Half-year Financial Report August 3, 2026 at 9.00 EEST
Aspo Plc’s Half-year Financial Report, January 1 – June 30, 2026: Substantial profit improvement
This is a summary of the Half-year Financial Report January 1 – June 30, 2026 of Aspo Plc. The complete report is attached to this release and available at aspo.com.
April–June 2026
- Net sales from continuing operations was EUR 131.2 (125.7) million
- Comparable EBITA from continuing operations was EUR 10.8 (7.5) million, 8.2% (6.0%) of net sales. The comparable EBITA of ESL Shipping was EUR 3.8 (5.0) million and of Telko EUR 8.2 (4.3) million
- EBITA Group total was EUR 10.1 (8.9) million. EBITA of ESL Shipping was EUR 3.6 (4.7) million and of Telko EUR 8.6 (4.3) million
- Comparable ROE Group total was 27.4% (16.5%)
- Comparable earnings per share from continuing operations were EUR 0.39 (0.15)
- Free cash flow was EUR -14.6 (13.2) million mainly driven by investments in vessels and increase in working capital
Figures from the corresponding period in 2025 are presented in brackets.
January–June 2026
- Net sales from continuing operations was EUR 245.2 (241.7) million
- Comparable EBITA from continuing operations was EUR 17.9 (14.8) million, 7.3% (6.1%) of net sales. The comparable EBITA of ESL Shipping was EUR 7.1 (9.1) million and of Telko EUR 12.9 (8.7) million
- EBITA Group total was EUR 29.8 (16.6) million. EBITA of ESL Shipping was EUR 6.9 (7.7) million, Telko EUR 12.8 (8.7) million, and discontinued operation EUR 13.1 (3.2) million
- Comparable ROE Group total was 19.9% (14.3%)
- Comparable earnings per share from continuing operations were EUR 0.50 (0.24)
- Free cash flow was EUR 35.4 (8.8) million driven by the divestment of Leipurin
- On March 2, 2026, Aspo completed the divestment of Leipurin to Lantmännen at an enterprise value of EUR 63 million.
Guidance for 2026
Aspo Group’s comparable EBITA from continuing operations is expected to increase compared with the previous year (EUR 29.4 million in 2025).
Aspo Group’s comparable EBITA from continuing operations excludes Leipurin, which is reported as a discontinued operation. The divestment of Leipurin was completed on March 2, 2026.
Assumptions behind the guidance
Economic growth is expected to slowly revive throughout the year in our core markets. Geopolitical uncertainty, war in Iran, and global trade tensions are also expected to have a negative impact on economic growth, inflation, global trade and supply chains going forward. Aspo’s profit improvement for 2026 is expected to come mainly from various profit improvement actions in ESL Shipping and Telko, fleet renewal and improved fleet utilization in ESL Shipping, continued synergy capture facilitated by Telko’s new operating model and a reduction of Aspo-level costs. Possible expenses related to the execution of Aspo’s strategic transformation are excluded from Aspo’s comparable EBITA.
For ESL Shipping, demand is expected to slightly improve in 2026, with spot market pricing also expected to gradually improve. Dockings are expected to have slight negative financial impact during the third quarter of the year.
For Telko, underlying volume demand is expected to be stable or slightly increase compared with the previous year. Price levels are expected to remain stable or decline in the second half of 2026 compared with the current levels. Once the oil price and chemicals supply chain disruptions have normalized, prices and customers’ inventory levels are expected to decrease from the current highs in the volume products. Telko is expected to continue to grow via acquisitions in 2026. Possible acquisition-related expenses are excluded from the comparable EBITA.
Key figures
| 4–6/2026 | 4–6/2025 | 1–6/2026 | 1–6/2025 | 1–12/2025 | |
| Net sales from continuing operations, MEUR | 131.2 | 125.7 | 245.2 | 241.7 | 469.1 |
| EBITA Group total, MEUR | 10.1 | 8.9 | 29.8 | 16.6 | 43.1 |
| EBITA from continuing operations, MEUR | 10.1 | 7.2 | 16.7 | 13.3 | 36.8 |
| Comparable EBITA from continuing operations, MEUR | 10.8 | 7.5 | 17.9 | 14.8 | 29.4 |
| Comparable EBITA from continuing operations, % | 8.2 | 6.0 | 7.3 | 6.1 | 6.3 |
| Profit for the period Group total, MEUR | 12.1 | 6.6 | 28.1 | 10.4 | 28.0 |
| Comparable profit for the period from continuing operations, MEUR | 12.8 | 5.7 | 16.5 | 9.6 | 15.8 |
| Earnings per share (EPS) Group total, EUR | 0.37 | 0.18 | 0.87 | 0.27 | 0.72 |
| Comparable EPS from continuing operations, EUR | 0.39 | 0.15 | 0.50 | 0.24 | 0.34 |
| Free cash flow, MEUR | -14.6 | 13.2 | 35.4 | 8.8 | 26.5 |
| Free cash flow per share, EUR | -0.5 | 0.4 | 1.1 | 0.3 | 0.8 |
| Comparable ROCE from continuing operations, % | 11.3 | 8.3 | 9.6 | 8.3 | 8.3 |
| Return on equity (ROE) Group total, % | 25.9 | 15.8 | 31.9 | 12.6 | 15.9 |
| Comparable ROE Group total, % | 27.4 | 16.5 | 19.9 | 14.3 | 12.1 |
| Invested capital from continuing operations, MEUR | 389.7 | 354.5 | 355.6 | ||
| Net debt Group total, MEUR | 184.9 | 224.2 | 212.8 | ||
| Net debt / comparable EBITDA, 12 months rolling | 3.1 | 3.7 | 3.6 | ||
| Equity per share, EUR | 5.34 | 4.05 | 4.58 | ||
| Equity ratio, % | 39.2 | 27.6 | 31.9 |
The calculation principles of key figures are included in Aspo’s Board of Directors’ Report for the year 2025. The figures presented in this Half-year Financial Report have been individually rounded or calculated based on exact figures so the figures may not add to rounded totals.
Rolf Jansson, CEO of Aspo Group, comments on the second quarter of 2026
“Aspo showed strong financial performance during the second quarter of 2026, with more than 4% organic net sales growth and significant profitability improvement with a comparable EBITA of EUR 10.8 (7.5) million, 8.2% (6.0%) of net sales. The strong development was driven by Telko’s all-time high profitability during the quarter, combined with the continued stable underlying business performance of ESL Shipping.
During the past two years, Aspo has systematically evaluated alternative restructuring scenarios for improving shareholder value and creating a good environment for its businesses to develop further. As a consequence, Leipurin was sold to Lantmännen, which was a key milestone. Today, Aspo’s Board of Directors has approved a demerger plan concerning the separation of ESL Shipping into a new independent listed company. The objective is to increase transparency and clarify investment profiles of both ESL Shipping and Telko, while also simplifying company structures. During the past months, new financing solutions have been negotiated for both businesses, creating strong platforms for operating stand-alone companies and executing company-specific growth strategies. The demerger is planned to be executed as of December 31, 2026, with certain major owners of Aspo already committing to support the demerger. While systematically executing the demerger scenario, a possible sale of ESL Shipping remains an alternative scenario, in case this would prove to maximize shareholder value creation.
Simultaneously Aspo has today communicated tailored future targets for ESL Shipping Group and Telko Group. While both companies focus on long-term profit growth and building strong investor returns, the strategies to reach these targets are differentiated. ESL Shipping invests in next generation, energy-efficient vessels and thereby supports the green transition of Nordic industrials. Telko invests in growth, organic opportunities and acquisitions, to develop scale and synergies in value-added services and distribution of specialty chemicals. Both companies already show strong evidence for executing these strategies, including more than EUR 300 million investments of ESL Shipping and seven acquisitions of Telko during the past years.
In the second quarter of 2026, the performance of ESL Shipping continued stable in the challenging market conditions, with comparable EBITA being EUR 3.8 (5.0) million. Overall demand remained at a fairly low level, but also positive trends are evident, including strong growth in project cargo volumes as well as strong financial performance of the recent investment in next generation vessels.
Telko’s comparable EBITA in the second quarter of 2026 was all-time high at EUR 8.2 (4.3) million. Price levels continued to increase in the volume products, which supported profit generation, as old inventory could to some extent be sold at higher market prices. The related positive EBITA impact is estimated to be EUR 2–2.5 million. The strong financial performance was also supported by strong sales growth, active sales margin management and successful execution of the new operating model.
I want to take the opportunity to thank our personnel, shareholders, customers and key principals and suppliers, for continued strong commitment to the transformation of Aspo. We will continue to focus on company-wide improvement actions to secure staying on positive development path during the second half of 2026.”
Aspo Group
Progress towards Aspo’s strategic vision
On May 14, 2024, Aspo announced a vision to form two separate companies (Aspo Infra and Aspo Compounder). The goal was to enable value creation and continued growth for the businesses and to investigate strategic alternatives for them. On November 3, 2025, Aspo provided more detailed information on the main alternatives for the strategic evaluation: a divestment of ESL Shipping or the partial demerger of Aspo.
On August 3, 2026, the Board of Directors of Aspo has completed its review and assessment of the strategic alternatives. As a result, the Board of Directors has approved a demerger plan concerning a partial demerger of Aspo. According to the demerger plan, all shares in ESL Shipping Ltd held by Aspo together with the related assets and liabilities, will be transferred to a new independent listed company to be named ESL Shipping Group Plc. The demerger is conditional upon approval by the Extraordinary General Meeting of Aspo, which is expected to be held on December 7, 2026, and the share exchange agreement signed by ESL Shipping Ltd, Aspo and Lighthouse HoldCo Ky remaining in force on the completion date of the demerger. The planned completion date of the demerger is December 31, 2026. Aspo Plc would be renamed Telko Group Plc in connection with the demerger.
Based on the assessment of the Board of Directors of Aspo, the demerger could increase the shareholder value by enabling each business to more effectively execute its own focused strategies and profit growth opportunities. Due to the independent and separate operations of ESL Shipping Ltd and Telko Ltd, only limited synergies currently exist between the businesses. The businesses of Aspo differ significantly across several dimensions, including strategic focus, capital expenditure requirement, business time horizon, key performance indicators, and ESG focus areas. The demerger is expected to improve the performance and profitability of ESL Shipping Group and Telko Group through a reduction of complexity and stronger and unshared focus of the management and the Board of Directors. In addition, as two standalone companies, ESL Shipping Group and Telko Group could achieve faster organic and inorganic growth thanks to more tailored financing solutions and targeted capital allocation. Telko Group would benefit from having a more moderate leverage while implementing its new growth strategy. The new corporate structure would also allow the use of Telko Group's shares for M&A purposes. Additionally, the independent companies could implement their growth strategies in parallel without being constrained anymore by the current conglomerate structure and prioritized development activities.
While systematically executing the demerger scenario, a possible sale of ESL Shipping Ltd remains an alternative scenario, in case this would prove to maximize shareholder value creation.
The Board of Directors of Aspo has approved new medium-term financial targets and dividend policies for both ESL Shipping Group and Telko Group. The following financial targets and dividend policies are conditional upon the completion of the demerger and will become effective on the demerger completion date.
ESL Shipping Group:
- Comparable EBIT more than EUR 40 million in 2030
- Return on equity above 20%
- Equity ratio above 35%
- The goal is to annually distribute approximately 50% of profit for the period in dividends
The financing of ESL Shipping Group's investment program will affect the equity ratio and dividend-paying capacity in the coming years, for the duration of the current significant investment program.
Telko Group:
- Net sales more than EUR 500 million in 2030
- Comparable EBITA margin above 8% in 2030
- Return on equity above 20%
- Net debt to comparable EBITDA below 2.5x
- The goal is to annually distribute approximately 30% of profit for the period in dividends
Espoo, August 3, 2026
Aspo Plc
Board of Directors
News conference for analysts, investors and media
A news conference for analysts, investors and the media will be held at Sanomatalo, Flik Studio Eliel, Töölönlahdenkatu 2, Helsinki on August 3, 2026, at 12.00 p.m. The event is also open to private investors. Participants are requested to register beforehand by emailing viestinta@aspo.com. The Half-year Financial Report will be presented by CEO Rolf Jansson and CFO Erkka Repo.
The event will be held in English, and it can also be followed as a live webcast: https://aspo.events.inderes.com/q2-2026. Questions can be submitted via the webcast question form.
A recording of the event will be available later the same day on the company’s website aspo.com.
For more information. please contact:
Rolf Jansson, CEO, Aspo Plc, tel. +358 400 600 264, rolf.jansson@aspo.com
Distribution:
Nasdaq Helsinki
Key media
www.aspo.com
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